Opportunities to promote import-export growth Most Recent News

NDO – Implementing ten Free Trae Agreements (FTA) with many countries and territories, Vietnam has taken advantage of the agreements. In the 2018-2020 period, the tax reduction roadmap will be further promoted thus the tariff for many commodities is expected to drop to 0%, which will create new opportunities to increase import and export turnover, thereby boosting economic growth. Expectation from FTAs and records The Ministry of Finance is proposing ten draft Decrees on Vietnam’s special preferential import tariffs to implement ASEAN Free Trade Area, free trade agreements of ASEAN with Japan, India, Australia – New Zealand, the Republic of Korea (RoK) and China, as well as Vietnam – RoK, Vietnam – Japan, Vietnam – Chile and Vietnam – Eurasian Economic Union FTAs. The new Decrees aim to make commitments in intra-ASEAN. By the end of 2016, Vietnamese Government issued the Resolution No.109/2016/NQ-CP the list of ASEAN Harmonized Tariff version 2017 (AHTN 2017); therefore, special preferential import tariffs needed to be updated as appropriate. The draft Decrees will not affect the implementation of commitments under signed FTAs, while also ensuring the stability of special preferential import tariffs. Since 2015, a series of imported commodities to Vietnam have received tax reduction under FTAs’ commitments. As committed, the tariff will be cut further during 2018-2022 period. From 2018, the import duties of many commodities will be cut to 0%; meanwhile others will enjoy gradual tax reduction and tariff elimination by 2022. The Ministry of Finance has concretely calculated the average tariff reduction… [Read full story]